Washington: More than half of Americans are reporting a decline in their financial situation, with many expressing concerns about covering their monthly bills, a Gallup poll indicated on Tuesday.

According to Philippines News Agency, the poll highlighted that Americans' financial outlook for 2026 is 'historically poor,' with a record 55% now stating their financial situation is deteriorating, compared to 53% last year and 47% in 2024. This trend marks the fifth consecutive year where more Americans feel their finances are worsening rather than improving. The poll noted that the only similar period when the majority experienced financial decline was during the Great Recession from 2007 to 2009.

The survey revealed that 62% of respondents worry about not having enough money for retirement, while 60% are concerned about covering medical costs in the event of a serious accident or illness. Additionally, 54% expressed worries about their investment returns and maintaining their standard of living.

Furthermore, nearly half of the respondents are concerned about routine healthcare costs, with 41% worrying about paying their normal monthly bills and 40% about affording college expenses. The poll emphasized that affordability concerns dominate this year's list, including inflation, energy, housing, healthcare costs, college expenses, transportation, and childcare, which far exceed all other financial concerns.

The survey also pointed out that recent increases in consumer prices have caused financial hardships for about 55% of those polled. Rising oil and gas prices were cited as a concern by about 13% of respondents, an increase of 10 percentage points from the previous year.